Bank Failure
Goldome
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Closed May 31, 1991 · Buffalo, NY · FDIC Cert #15963.
- Closing date
- May 31, 1991
- Headquarters
- Buffalo, NY
- FDIC Certificate
- 15963
- Total assets at closing
- $9.89B
- Total deposits at closing
- $6.53B
- Estimated loss to the insurance fund
- $779.4M
- Insurance fund
- Bank Insurance Fund (BIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Key Bank of Western New Yor
Context
On May 31, 1991, regulators closed Goldome, headquartered in Buffalo, NY. At closing, the institution held approximately $9.89B in assets and $6.53B in deposits. The FDIC record names Key Bank of Western New Yor as the acquiring institution in the resolution. The estimated cost to the Bank Insurance Fund (BIF) was approximately $779.4M.
By assets at closing this is the 18th largest of the 3,526 bank failures in the FDIC record, and the 3rd of 268 in 1991. It falls in the period the record labels S&L / Banking Crisis (1980-1995), a period with 2,367 failures peaking at 530 in 1989.
Deregulation, interest-rate shocks, and commercial real estate blowups produced the worst US banking failure wave since the Depression. Resulted in FIRREA (1989) and the RTC.
Source: FDIC Failed Banks list. Asset and deposit values reflect the most recent regulatory filing prior to closing.
Common questions
When did Goldome fail?
Goldome was closed by regulators on May 31, 1991.
Who acquired Goldome?
The FDIC record names Key Bank of Western New Yor as the acquiring institution in the resolution of Goldome.
How big was Goldome when it failed?
Goldome had approximately $9.89B in total assets and $6.53B in deposits at the time of failure.
Other failures in 1991
| Date | Bank | Assets |
|---|---|---|
| Dec 20, 1991 | North Ridge Bank | $94.3M |
| Dec 13, 1991 | Investors FSB | $2.06B |
| Dec 13, 1991 | The Bank Mart | $578.2M |
| Dec 13, 1991 | Merchants National Bank | $153.6M |
| Dec 13, 1991 | Bank of East Hartford | $36.6M |
| Dec 13, 1991 | Federal Finance & Mortgage, LTD | $7.7M |
| Dec 12, 1991 | Granite Co-Operative Bank | $103.8M |
| Dec 6, 1991 | Saybrook Bank and Trust Company | $77.3M |
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